Originally Posted by Eurogamer.net

THQ files for bankruptcy
Has found a buyer. Game development to progress unhindered.


Saints Row and Darksiders publisher THQ has filed for a Chapter 11 bankruptcy today, the company announced.

THQ's four owned studios and games in development - Metro: Last Light, Company of Heroes 2, South Park: The Stick of Truth, and the Saints Row title formerly known as Enter the Dominatrix - are still moving forward under the new ownership of Clearlake Capital Group, a company that's buying out THQ's assets for $60 million.

The publisher will still operate under its new owners and THQ noted that it "does not intend to reduce its workforce as a result of the filing, and employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary Court approval."

“The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent,” said THQ CEO Brian Farrell.

“We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible.”

Former Naughty Dog producer and THQ president Jason Rubin added, “We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels.”

THQ's NASDAQ listing is expected to expire in nine days, as is customary for Chapter 11 filings.

Prior to this the publisher raised over $5 million in a scant two weeks due to its ridiculously cheap THQ Humble bundle.

Originally Posted by Dukelorange (Post 4065029)

Oh well... I guess WWE 14 may be a no go...

Originally Posted by Kane Knight (Post 4065157)

Fuck 'em. This is how business is supposed to work. You make shit games and shit decisions, and shit happens.

Originally Posted by Kane Knight (Post 4065157)

Fuck 'em. This is how business is supposed to work. You make shit games and shit decisions, and shit happens.

Originally Posted by Smelly Meatball (Post 4065819)

According to the filing THQ sent, they owe the WWE $45 million and supposedly Vince is furious that there is good chance the WWE won't get that money back.

Originally Posted by SlickyTrickyDamon (Post 4065949)

If you buy out a company's assets you also inherit their debts. WWE should be able to get that money. At least I think they should. WWE had to pay off ECW's creditors to be able to use the name of the brand.

Originally Posted by Big Vic (Post 4065980)

Dirt Sheets: NUCLEAR HEAT on THQ

Originally Posted by Hollywood Hasney (Post 4065945)

Oh god. Can you imagine if WWE demand a game to come out in 2013 and it's not from THQ? That would be spectacularly bad.

Originally Posted by DAMN iNATOR (Post 4068751)

Not if EA got the rights.

Originally Posted by DAMN iNATOR (Post 4068751)

Not if EA got the rights.

Originally Posted by DAMN iNATOR (Post 4068751)

Not if EA got the rights.

Originally Posted by 411mania

According to WWEGaming.com, despite THQ filing for bankruptcy the studio will develop and release WWE '14 as planned. The company began development for the game back in October and in the filing papers that were submitted for Chapter 11 bankruptcy, their project development budget does have sufficient money allocated for development and release of the game.

Details on the game have not yet been released, including theme or release date.

Originally Posted by whiteyford (Post 4078006)

As long as we get Saints Row 4 I'll be happy.

Originally Posted by LoDownM (Post 4078334)

I really hope EA doesn't end up with Saints Row...

Originally Posted by Smelly Meatball (Post 4078219)

EA, Ubisoft, and Warner Bros expected to buy most of the IPs once the auction begins and EA still is the favorites for getting the WWE series.

http://www.giantbomb.com/news/looks-...f-anyway/4507/

Originally Posted by SlickyTrickyDamon (Post 4079061)

I'd like a monkey wrench thrown in and have Rockstar try to buy the WWE license.

Originally Posted by Kane Knight (Post 4078277)

Saints Row 4 was already a given. You will be able to use superpowers to fight aliens or whatever.

Originally Posted by Smelly Meatball (Post 4080351)

The auction has some pretty weird rules in that if any bid for an IP is less than $60 million then the decision that blocked Clearlake Capital Group from buying THQ gets lifted.

Originally Posted by Kotaku

Today, THQ was officially sold and auctioned off. Within the next few weeks, the company will be no more.

The company's assets have been divided: Sega agreed to purchase Relic (Company of Heroes), Koch Media has agreed to purchase Volition (Saint's Row) and the Metro property, Crytek has agreed to buy Homefront, Take-Two will purchase the unannounced game Evolve, and Ubisoft will buy THQ Montreal and the South Park game.

Originally Posted by Cool King (Post 4095180)

Originally Posted by Cool King (Post 4095343)

Originally Posted by Xero (Post 4095428)

Apparently Take Two may be taking over the WWE license.

Originally Posted by Seph (Post 4097308)

cant believe no one picked up vigil.

Originally Posted by Drakul (Post 4098344)

I hope someone good buys Destroy All Humans and actually does something fun with it. I enjoyed the original but I hear everything after that was just awful.

The series has a lot of potential for fun.

Originally Posted by Cool King (Post 4104878)

So with THQ being dead now, I guess this game will never see the light of day.

<iframe width="560" height="315" src="http://www.youtube.com/embed/DPognHUmF4c" frameborder="0" allowfullscreen></iframe>

Originally Posted by Bloomberg.com

Take-Two to Take Over Development of WWE Games From THQ

Take-Two Interactive Software Inc. agreed to take over development and production of World Wrestling Entertainment Inc. video games from bankrupt THQ Inc.

THQ’s agreement reached with the maker of the “Grand Theft Auto” video-game franchise, WWE and Yuke’s Co., a Japanese- based game-developer that was contracted by THQ to help produce the wrestling video games, will save the company millions by reducing claims against the bankrupt video-game maker, according to court documents filed yesterday.

“By working together to transition development of WWE games going forward the parties have minimized the harm to WWE and Yuke’s, which have, in turn, agreed to substantial reductions of their claims” against THQ, lawyers for the company said in court papers. The lawyers said without the agreement, WWE and Yuke’s claims “would certainly exceed $30 million and might exceed $60 million.”

THQ, the maker of the “Saints Row” and “Company of Heroes” video games, failed in its effort to survive the bankruptcy reorganization intact as individual titles and studios were gobbled up by competitors at an auction last month. Most of its assets were sold at the auction, bringing in about $72 million. The remaining assets at the company, including the “Darksiders” franchise, are worth about $29 million, according to THQ attorney Jeffrey C. Krause.

New Agreements

Under the accord, the WWE and Yuke’s contracts will be terminated and the companies will be allowed to enter into new agreements with Take-Two, which will hire THQ’s employees that work on the wrestling games, according to court documents.

The deal will also “eliminate very large damage claims” that would have otherwise materialized from terminating the contracts, according to the court filing.

WWE agreed to waive its pre-bankruptcy claims of about $45 million and any claims for annual royalty advances of about $7.5 million for the licensing contract that would have run through 2017. THQ will pay WWE $650,000 in royalty payments for the WWE games sold while under bankruptcy protection.

THQ owns about 14 percent of Yuke’s equity and has agreed to give the Japanese developer the 1,552,000 shares, about $4.5 million in value, in exchange for a release of Yuke’s pre- bankruptcy claims of about $15 million to $20 million. Yuke’s will also get a $250,000 royalty payment.

‘UDraw’ Losses

The Agoura Hills, California-based video-game maker said it was forced to seek bankruptcy protection after sustaining losses for the past five fiscal years. The company listed assets of $204.8 million and debt of $248.1 million when it sought court protection on Dec. 19.

The company was devastated by recent losses tied to the “uDraw” peripheral device for video-game consoles. While the device that lets users reproduce their drawings on their television had early success on Nintendo Co.’s Wii console, the versions for Sony Corp.’s PlayStation 3 and Microsoft Corp.’s Xbox 360 struggled to gain traction and “fell far short of expectations,” according to court documents.

The case is In re THQ Inc., 12-13398, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Originally Posted by Mitt Rogney (Post 4115963)

They don't have a choice about eating those losses, unless the choice is not having any more games.

Originally Posted by WWE.com

2K and WWE announce exclusive multi-year agreement for WWE video game series


NEW YORK — 2K and WWE today announced that they have entered into an exclusive multi-year agreement granting 2K the exclusive worldwide rights to publish the critically acclaimed WWE video game franchise across all major platforms and distribution channels. The series, which will continue to be developed by Yukes in Japan, will combine the studio’s signature gameplay with 2K’s commitment to authenticity in WWE ’14, the latest iteration of the popular, long-running series. With the addition of the WWE franchise, 2K will continue a highly successful, 15-year tradition established by past WWE titles. Financial terms were not disclosed.

“The WWE series is a great addition to our stable of triple-A titles, and we’re very happy with this exclusive agreement with our new partners,” said David Ismailer, Chief Operating Officer for 2K. “We look forward to capturing the excitement of WWE and marrying it with the same commitment to authenticity and entertainment that we give to our NBA 2K and MLB 2K franchises.”

2K has a strong history in growing premier sports simulation titles, evidenced by the incredible commercial success of the NBA 2K series, with more than 15 million units of NBA 2K11, NBA 2K12 and NBA 2K13 sold to-date worldwide. This year, in the first week of its release, NBA 2K13 sold 49 percent more copies in the same time frame than the franchise’s previous record-holder, NBA 2K11.

“2K’s reputation for outstanding quality and dedication to authenticity are a perfect fit for WWE,” said Casey Collins, Executive Vice President, Consumer Products for WWE. “This new partnership will ensure that WWE continues to be one of the leading video game brands in the world and we look forward to continuing the franchise with the benefit of their expertise across a variety of platforms.”

“The development work on the WWE franchise is impressive, and we’re excited to combine our background in developing the NBA 2K series with theirs in this new partnership,” said Greg Thomas, Executive Vice President of 2K Sports. “Fans can expect the most authentic WWE experience on game consoles this fall.”

Developed by Yukes, WWE ’14 is not yet rated by the ESRB and will be available for consoles in fall 2013.

For more information on 2K, visit www.2K.com.